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Summary

Macroeconomicsis widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor. For all readers interested in macroeconomics.

Author Biography

Robert J. Gordon is Stanley G. Harris Professor in the Social Sciences and Professor of Economics at Northwestern University. He holds a bachelor’s degree from Harvard University, after which he attended Oxford University in England on a Marshall Scholarship. He received his PhD from the Massachusetts Institute of Technology. He taught at Harvard and the University of Chicago before moving to Northwestern in 1973, where he has taught for more than thirty years and where he was the chair of the Department of Economics from 1992 to 1996.

Professor Gordon is one of the world’s leading experts on inflation, unemployment, and productivity growth. His recent research includes work on the rise and fall of the New Economy, the U.S. productivity growth revival, and the recent stalling of European productivity growth. He is the author of several books, more than 100 scholarly articles, and more than 60 published comments on the research of others.

He is a research associate at the National Bureau of Economic Research (NBER), a research fellow of the Centre for Economic Policy Research in London, a Guggenheim Fellow, a fellow of the American Academy of Arts and Sciences, and a fellow of the Econometric Society.

Table of Contents

CHAPTER 1 What Is Macroeconomics?

1-1 How Macroeconomics Affects Our Everyday Lives

Global Economic Crisis Focus: What Makes It Unique?

1-2 Defining Macroeconomics

1-3 Actual and Natural Real GDP

1-4 Macroeconomics in the Short Run and Long Run

1-5 CASE STUDY: How Does the Global Economic Crisis Compare to Previous Business Cycles?

Global Economic Crisis Focus: How It Differs from 1982—83

1-6 Macroeconomics at the Extremes

1-7 Taming Business Cycles: Stabilization Policy

International Perspective: Differences Between the United States and Europe Before and During the Global Economic Crisis